Community solar developer BlueWave acquired by investment firm
BlueWave, a Boston-based solar and energy storage developer and certified B Corp, and Axium Infrastructure, an infrastructure investment management firm, announced that an Axium-managed fund has acquired BlueWave. Under the terms of the acquisition, BlueWave will keep its name and its entire team as the company focuses on growing its solar and storage development portfolio.
Aiming to integrate Environmental Social Governance (ESG) at the heart of its project development and management process, Axium’s values align with BlueWave’s mission to transform access to renewable energy through a responsible development philosophy. Axium is proud to support BlueWave’s leading work in community solar development and the practice of agrivoltaics and floatovoltaics, which promise to generate clean energy while taking into account land conservation and conservation. neighboring ecosystems. While Axium has several other asset-based investments in the renewable energy sector, this will be the first acquisition of Axium’s sustainable development company.
The acquisition marks an opportunity for BlueWave to evolve its business model to not only develop, but also build, own and operate the projects within its development portfolio, driven by the company’s belief in the long-term value of community-scale solar. . With this, BlueWave will focus on recruiting to support the long-term transition to asset ownership and building a team to support continued business growth. The acquisition also gives BlueWave the financial security to weather the development market and continue the pursuit of innovative development avenues.
“This acquisition marks a new pivotal period in BlueWave’s history. It was critical for us to find a like-minded owner who shares our mission to revolutionize renewable energy and help us scale, and that partner is unequivocally Axium,” said Trevor Hardy, CEO of Blue Wave. “Owning Axium will enable tremendous growth opportunities as we look to own and operate our development assets and continue to pioneer dual-use solar development, storage development and renewable energy accessibility for low- to middle-income communities. “
News item from BlueWave